While it is easy to foresee the benefits of Internet of Things for any industry, obtaining a stout platform is still a far cry for many. You have to analyze each element to ensure desired solution, and ultimately reach your business goals.

There are two solutions either you built your platform or buy existing ones. But, before you make your move you need to understand what both solutions have to offer. So without wasting much time, let’s get into the details.

Build an IoT platform

Building an IoT platform means creating a customized solution to match your business needs. You can modify the platform to fit your business or industry. From data collection to the end-user experience, you can change everything depending upon your requirement.

Building an IoT platform from scratch requires great proficiency and effort. But when completed, you’ll have a perfect solution that will meet every criterion of your IoT ecosystem. It will help you to optimize all your IoT operations without compromising on feasible functionality.

Pros:

A customized solution with smooth interface to connect and operate your IoT devices and applications.

Includes all the required functions to handle all your IoT devices efficiently and effectively.

No need to rely on other IoT platforms to get the job done.

Allows the business to leverage in-house expertise, and mitigates the cost of hiring additional labor.

Cons:

Consumes time, so businesses might be at the risk of losing customers trust.

Should be handled by experienced IoT experts. Otherwise, all the effort might go straight down the drain.

Requires a lot of research, architecture, and development to build a new solution.

Demands frequent maintenance once the overall design is completed.

Buy an IoT platform

Building your own IoT platform is great, but the risk that comes along with it hinders many businesses from taking an initiation. So most experts still believe it is best to outsource your project to an experienced service provider.

There is an abundance of IoT platform providers in the market. But, the main challenge is to find the exact solution that matches your business needs. Experienced service providers will ensure you have everything covered from the beginning, which is much better option than spending time and effort to build your platform.

Pros:

Saves time and effort, while reducing cost on hiring additional labor.

Businesses will be able to concentrate on core functions instead of struggling to build the platform.

A great solution for companies who want to increase their market value.

Businesses can even get a customized platform from IoT platform providers.

Cons:

Companies may end up buying a vague platform that is unable to serve the business needs.

Companies have to rely on service providers to update, maintain, or modify their platform.

Conclusion

The Internet of Things provides great benefits to businesses of every level. It doesn’t matter if you build or buy your IoT platform; you need to ensure that it addresses your company’s IoT requirements.